St. Jude Medical reaches settlement agreement with DOJ over post-market study matter in Boston

St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today issued the following statement regarding a settlement agreement reached with the U.S. Department of Justice (DOJ) regarding a previously disclosed 2005 investigation in Boston related to an industry-wide review of post-market studies and registries:

We are pleased to have reached a settlement agreement with the DOJ that fully resolves the post-market study matter in Boston. The company maintains that its post-market studies and registries are legitimate clinical studies designed to gather important scientific data and St. Jude Medical does not admit liability or wrongdoing by entering into this agreement. The company entered into a settlement agreement to avoid the potential costs and risks associated with litigation. This settlement brings the previously reported post-market study investigation to a close.

As part of this settlement, the company will make a payment of $16 million to the DOJ. St. Jude Medical affirms that the resolution of this matter has no material impact on the company's financial position or operations.

Source:

 St. Jude Medical

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.